Man Infraconstruction surges after its arm acquires development rights from 10 adjoining Societies
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Man InfraConstruction is currently trading at Rs. 100.50, up by 0.62 points or 0.62% from its previous closing of Rs. 99.88 on the BSE.
The scrip opened at Rs. 100.98 and has touched a high and low of Rs. 102.17 and Rs. 99.10 respectively. So far 116523 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 102.17 on 06-June-2023 and a 52 week low of Rs. 66.25 on 28-Mar-2023.
Last one week high and low of the scrip stood at Rs. 102.17 and Rs. 90.25 respectively. The current market cap of the company is Rs. 3744.06 crore.
The promoters holding in the company stood at 67.12%, while Institutions and Non-Institutions held 2.06% and 30.82% respectively.
Man Infraconstruction’s subsidiary -- MICL Creators LLP has acquired development rights from 10 adjoining Societies; all located at Ratilal B. Mehta Road (60 Feet Road), Ghatkopar (East), Mumbai, Maharashtra.
This landmark cluster redevelopment under Regulation 33(9) of the new development regulations encompasses a saleable carpet area of around 4 lakh sq. ft. which will set new standards in opulent living. The total construction area of around 13 lakh sq. ft. to be undertaken by Man Infraconstruction is expected to complete within 3.5 to 4 years.This development will reflect a realm of community living and green living. This acquisition aligns with company’s asset-light strategy, strengthening its financial position.
Man Infraconstruction is an India-based company engaged in the business of civil construction. The company’s operations consist of construction / project activities/real estate activities.
